CHICAGO, May 13, 2021 /PRNewswire/ -- According to the new market research report "Automotive Suspension Market by Architecture (MacPherson Strut, Double Wishbone, Multi-link, Twist Beam, Leaf Spring, Air Suspension), System Type, Actuation, Component OE & Aftermarket, Vehicle (ICE, BEV, HEV, PHEV), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Automotive Suspension Market is expected to grow from USD 42.9 billion in 2021 and is projected to reach USD 50.7 billion in 2026, at a CAGR of 3.4% during the forecast period. Increase in demand for vehicle comfort and safety and increasing adoption of air suspension systems in HCVs is expected to significantly boost Automotive Suspension Market. Increasing sales of electric vehicles to provide lucrative growth opportunities to active suspension.
Active Suspension is the fastest growing market by system
The growing demand for advanced suspension systems to improve vehicle suspension and occupant comfort is a major factor driving the demand for the active suspension system. Moreover, the higher demand for high-end luxury and sports cars globally is currently driving the active suspension market globally.
MacPherson strut is the largest market for automotive suspension, by vehicle architecture
In terms of volume, the MacPherson strut architecture is expected to be a potential segment of the Automotive Suspension Market during the forecast period. MacPherson strut eliminates the need for a separate upper control arm, which reduces the cost components and weight of the architecture. Countries such as China, India, and Japan opt for this cost-effective architecture, which is expected to drive the market during the forecast period.
Asia Pacific is estimated to be the largest geographical segment of the Automotive Suspension Market
Countries such as China, Japan, India, South Korea, and the Rest of Asia Pacific are considered under Asia Pacific for market analysis. The region is the leading producer of automotive suspension systems and is expected to retain its position in the coming years. It is the largest producer of economical cars in the world. However, due to the increasing demand for premium cars, OEMs have started investing and developing advanced technologies for the automotive industry. Although countries, such as Japan and South Korea, are the leaders in technology, India and China have the largest vehicle production in Asia Pacific.
Asia Pacific has emerged as a hub for automotive production in recent years, owing to changing consumer preferences, increasing per capita income of the middle-class population, and cost advantages for OEMs. Consumers in the region are inclined toward compact and cost-effective cars. The region has witnessed higher growth than the matured markets of Europe and North America due to the easy availability of labor, safety norms, and government initiatives for FDIs. China, the world's largest automotive market, remained the main driver of regional sales in Asia Pacific in 2020. The basic demand for new vehicles in China remains strong, given the country's vehicle penetration rates (compared to that of developed markets) and its rapidly expanding replacement market. According to MarketsandMarkets™ Analysis, China is estimated to be the largest market for vehicles equipped with suspension systems, in terms of both, value and volume in Asia Pacific.
Key Market Players:
The Automotive Suspension Market is dominated by global players and comprises several regional players as well. The key players in the Automotive Suspension Market are ZF Friedrichshafen AG (Germany), Tenneco Inc. (US), Continental AG (Germany), thyssenkrupp AG (Germany), and BENTELER (Austria).
Browse Related Reports:
Fluid Transfer System Market by Type (Brake, Fuel, AC, Air Suspension, DPF, SCR, Transmission Oil, Turbo Coolant, Engine & Battery Cooling, Air Brake), Material (Al, Rubber, Nylon, Steel, Stainless Steel), On & Off-Highway, EV and Region- Global Forecast to 2025
Automotive Bushing Market by Application (Engine, Suspension, Chassis, Interior, Exhaust, Transmission), Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), EV Type, and Region - Global Forecast to 2025
Automotive Hydraulics System Market by Application (Brake, Clutch, Suspension & Tappet), OE Component (Master Cylinder, Slave Cylinder, Reservoir & Hose), Aftermarket Component, On-Highway Vehicle, Off-Highway Vehicle, and Region - Global Forecast to 2025
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.